. . . Exhibit 12.1 The Greenbrier Companies Computation of Ratio of Earnings to Fixed Charges (in thousands) Year ended August 31, --------------------------------------------------------- 2002 2003 2004 2005 2006 --------------------------------------------------------- Earnings (loss) before income tax, minority interest and equity in unconsolidated subsidiaries $(47,230) $ 10,758 $ 31,194 $ 50,000 $ 61,065 Interest expense 19,055 14,489 11,553 14,000 26,985 Estimated interest portion of rent expense 6,287 6,136 5,388 5,591 6,465 --------------------------------------------------------- $(21,888) $ 31,383 $ 48,135 $ 69,591 $ 94,515 ========================================================= Fixed charges $ 25,342 $ 20,625 $ 16,941 $ 19,591 $ 33,450 Ratio of earnings to fixed charges (0.86) 1.52 2.84 3.55 2.83